Israeli exports are anticipated to hit a record-high of $114 billion in 2019, an increase over last year's $109 billion, according to the latest data.

In the first nine months of 2019, Israeli goods and services exports tallied $84 billion, the report from Israel's Central Bureau of Statistics and Economy Ministry said. This is an increase of 4.6% over the same period last year.

Israel has seen a 12% increase in service exports this year, which includes software and computing services. Israel has a high concentration of tech companies in the country's coastal plain, which is sometimes called "Silicon Wadi", a pun based on California's Silicon Valley.

More than 300 global tech companies operate in Israel, with many of them within an hour's drive of major Israeli city Tel Aviv.

In 2018, Israel's top exports included gem and precious metals, which was valued at $14.9 billion. Israel's second-largest exports were electrical machinery and equipment at $8.5 billion and pharmaceuticals, which stood at $5.6 billion.

The Israeli economy continues to expand at a rapid rate, increasing by 4.1% in the third quarter of 2019.

An area of concern for the Israeli economy, however, is the current political stalemate between Likud Prime Minister Benjamin Netanyahu and Blue and White leader Benny Gantz. Both leaders have failed to form a government after Israel held elections for the second time this year. If there is a third election, it could plunge the country into a budget crisis that could weigh on economic growth.